Ayala Corp plans P15-B preferred share sale


Posted at Aug 26 2014 02:16 PM | Updated as of Aug 26 2014 10:16 PM

MANILA - Ayala Corp, a major Philippine conglomerate, said it plans to raise P15 billion ($342 million) by issuing preferred shares for future investments in power and infrastructure projects.

The fund-raising follows a similar P10 billion issuance in November last year.

Ayala, which also has businesses in banking, telecommunications and electronics, said the preferred shares will be issued at P500 each - the same price as its November issue.

Ayala preferred shares were trading around P503.5 on Tuesday, up 0.1 percent. Its common shares were trading at 717.5 pesos, down 1 percent.

The new share issue is likely to take place towards the end of the year, Ayala Corp managing director Delfin Gonzales said in a text message.

It will have a fixed quarterly dividend rate determined by the five- or seven-year benchmark rates plus spread. They will be non-convertible to common shares and have no voting and pre-emptive rights.

BPI Capital Corp is the issue manager.